Petrobras in binding phase for field divestments

RIO DE JANEIRO, August 28, 2018 – Brazil’s Petrobras has entered the binding phase for the sale of stakes in three offshore fields, the company reported in a press release on Monday.

Petrobras will now invite companies to submit binding proposals for 50% non-operating stakes in the deepwater Tartaruga Verde and Módulo III de Espadarte fields, as well as a 100% interest in the shallow-water Baúna field.

The announcement follows the start of bidding for a 100% stake in Petrobras’ onshore Polo Sergipe Terra 2 field and the sale of the Enchova and Pampo clusters to Ouro Preto Óleo e Gás in July.

The divestments are in line with Petrobras’ 2018-2022 business plan, which establishes a goal of raising USD 21 billion through asset sales before the end of 2018. The NOC aims to pay down some of its debt with money made through these sales.

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